Particula Rating Report: Anemoy ($JAAA), November 2025

Particula assigns a AAA rating* to the issuance of Janus Henderson Anemoy AAA CLO Fund Token ($JAAA)as of November 5, 2025.

‍The JAAA token represents shares in a segregated portfolio issued by Anemoy Capital SPC Limited and provides investment exposure primarily in AAA-rated tranches of Collateralized Loan Obligations (CLOs). Anemoy Asset Management Limited acts as the Investment Manager, with Janus Henderson Investors U.S. LLC appointed as Sub-Investment Manager.
‍
The rating favorably reflects the issuer’s bankruptcy-remote structure, stringent regulatory oversight, and robust product design supported by efficient technical infrastructure. It also considers high-quality underlying assets, transparency practices, and the delegation of portfolio oversight to Janus Henderson Investors. However, the rating also captures residual risks, including cross-jurisdictional legal and regulatory uncertainties, technical limitations, and operational as well as counterparty risks linked to the issuance.

<sub>*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.

Copyright ©2025 Particula. All rights reserved.</sub>